In keeping with the public–private partnership highly valued by SICCFIN, the Monegasque financial intelligence unit (FIU) organised an information meeting to prepare representatives from the country’s banking industry for the future roll-out of the goAML analysis tool. The meeting was held on 7 February 2019 in the auditorium of Monaco’s Vocational and Catering School.
Representatives from other professions subject to Act No. 1.362 of 3 August 2009, as amended, were also invited, including the following professional bodies and associations: the Monaco Association for Financial Activities (AMAF), the Monegasque Association of Corporate Service Providers (AMPA), the Association of Accountants, the Association of Legal Advisors, the Association of Insurers, the Monegasque Association of Watchmaking and Jewellery and the Monaco Association of Compliance Officers (AMCO).
The goAML software, designed and developed by the United Nations Office on Drugs and Crime (UNODC), has a range of functions in addition to its primary role as an operational and strategic analysis tool. It will also help to produce more and better statistics.
In addition, the system will allow first banks, and later other professional entities, to send their suspicious transaction reports to SICCFIN electronically, thus enabling SICCFIN to process them more quickly and efficiently.
During the meeting, which opened with a speech by Minister of Finance and Economy Jean Castellini, Antoine Karam and Ameen Safadi from UNODC presented the goAML software and its functions to participants including directors, IT specialists and compliance officers.
Philippe Boisbouvier, SICCFIN Acting Director, and Yann Raconnat le Goff, SICCFIN Project Coordinator, then answered questions from the audience.
Before the software is rolled out to all of Monaco’s lending institutions in mid-2019, there will be a test phase, which will be conducted with the support of banks and management companies who have volunteered to take part.